Even as experts applaud the arrival of a New Europe energized by a borderless economy, the traditional risks and challenges remain for those seeking rewards in lodging's oldest market. In stark contrast to the bottomed-out Asian hotel markets and the sustained growth of the North American lodging industry, things are neither as bad nor as good in Europe. Top-performing London will hold its room rates this year, but occupancy is expected to slip to 78% from 81%, hardly a surprise to those who have tracked the city's record-breaking yields over the past four years. The Scandinavian markets will follow a similar pattern, while key Mediterranean cities heat up.
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